Which type of will is best for me?
Videowills-uk.co.uk provides a will form for £5.00. It is important however to choose the best will(s) to suit your needs and Video Wills has a number of professionally drafted online wills. Click the links below for more information about each one and choose the one that suits you and start your will(s).
Single Persons Will
This is a customized drafted will for a single personwith an estate of any value. Inheritance Tax is payable at 40% on the value of the estate exceeding £325,000.
Married Persons Mirror Form Wills
These are customized drafted mirror form wills for Husband and Wife or Civil Partners with joint estates not exceeding £650,000.
Married Persons Discretionary Trust Wills
These are customized drafted wills for Husband and Wife or Civil Partners where the joint estate exceeds £650,000 (particularly where the main asset is the home that they live in).
Will Form
buy and download a will Form.
Single Persons Wills
This is a customized drafted will for a single personwith an estate of any value. Inheritance Tax is payable at 40% on the value of the estate exceeding £325,000.
Click here for our glossary of will terms - pop-up window
This type of will:
- Revokes former wills
- Appoints your executors
- Gives cash gifts on your death to whom you wish *
- Gives possessions on your death to whom you wish *
- Gives the rest of your property, including possessions andmoney not otherwise gifted, to your executors to sell or pay your debts and testamentary expenses and divide and pay to whom you wish
- Divides and pays the rest of your property after paymentof debts and testamentary expenses absolutely or conditionally (on attaining the age of 18 years) to a beneficiary, your children or others
- Gives power to your executors to invest generally for thebenefit of your beneficiaries under 18 years and to advance to them money from their share for their maintenance and advancement
- Gives power to your executors to give possessions to a beneficiary as part of any gift instead of money
- Gives funeral and burial or cremation directions *
- Gives directions for signing and witnessing the will to validate it.
Note: Print off this page so that you can have the information availablebefore starting to fill in the details in those input sections you chose for your will
Sections which are optional are marked with an *
If you feel that this is the right will for you, click here to begin.
Married Persons Mirror Form Will
These are customized drafted mirror form wills for Husband and Wife or Civil Partners. Gifts between husband and wife or Civil Partners are exempt from Inheritance Tax. On the death of the surviving Spouse or Civil Partner a claim for the transfer of unused Nil rate band of up to £325,000 allowance has to be made to transfer the unused Nil rate band to benefit the surviving Spouses or Civil Partners estate so allowing an exception from inheritance tax of up to £650,000 on the joint estates.
Click here for our glossary of will terms - pop-up window
These type of wills:
- Revokes former wills
- Appoints Husband or Wife or Civil Partner as your executorif they survive you gives all your property to your surviving Husband or Wife or Civil Partner
- If your Husband or Wife or Civil Partner does not survive appoints other executors and gives cash gifts and possessions to whom you wish*
- If your Husband or Wife or Civil Partner does not surviveyou gives the rest of your property to your executors to sell pay your debts and testamentary expenses and divide and pay to whom you wish
- Absolutely or conditionally (on attaining the age of 18 years) to a beneficiary, your children or others.
- If any of your children does not survive you their share goesto the other children who do survive you
- Gives power to your executors to invest generally for thebenefit of your beneficiaries under 18 years and to advance to them money from their share for their maintenance and advancement
- Gives power to your executors to give possessions to a beneficiary as part of any gift instead of money
- Gives funeral and burial or cremation directions *
- Appoints Guardians for any children under the age of 18 years
- Gives directions for signing and witnessing the will to validate it.
Note: Print off this page so that you can have the information available before starting to fill in the details in those input sections you chose for your will
Sections which are optional are marked with an *
If you feel that this is the right will for you and you are married, click here to begin.
Discretionary Trust Wills
Nil Rate Band Discretionary Trust and Spouse Exemption Trust of Residue
These are customized drafted wills for Husband and Wife or Civil Partners where the joint estate exceeds £650,000 (particularly where the main asset is the home that they live in).
Click here for our glossary of will terms - pop-up window
These type of wills:
- Revokes former wills
- Appoints your executors
- Gives assets to your executor/trustees on discretionary trusts up to the Nil RateBand limit for Inheritance Tax purposes,(£325,000) for the benefit of your Nil Rate Band Beneficiaries (see next paragraph).
- Creates a trust period of 80 years with potential beneficiariesof husband or wife or Civil Partner surviving you children or grandchildren and the husband or wife or Civil Partner may be a trustee
- Gives power to your executors to invest generally for the benefitof your beneficiaries and to advance to them or their trustees all or any part of the trust fund and to retain property in its existing form. (for instance the home)
- Any non residuary gifts made by the will or codicil has priority to the Nil rate band trust
- Power for trustees to instead of paying the nil rate fund outin cash accept a charge on property of the surviving Husband or Wife or Civil Partner or a promissory note from them lend money to the Husband or Wife or Civil Partner
- The trustees may regard without obligation the surviving Husband or Wife or Civil Partner as the primary beneficiary
- Gives the rest of your property to your executors to sell pay your debts and testamentary expenses and divide and pay the income to the surviving Husband or Wife orCivil Partner for life income and capital to children remoter issue or others, in equal shares, with power to advance capital during the life of the Husband or Wife/ Civil Partner to all residuary beneficiaries. These advancements are potentially exempt for Inheritance Tax purposes (7 year rule)
- If the Husband or Wife or Civil Partner does not survive you divides and pays the rest of your property after payment of debts and testamentary expenses at the discretion of your Trustees to the beneficiaries, your children or others and remoter issue
- Gives power to your executors to give possessions to a beneficiary as part of any gift instead of money
- Gives funeral and burial or cremation directions *
- Appoints Guardians for any children under the age of 18 years
- Gives directions for signing and witnessing the will to validate it.
Note: Print off the above page so that you can have the information available beforestarting to fill in the details in those input sections you chose for your will
Sections which are optional are marked with an *
From the 9th October 2007 a surviving Husband or wife or Civil Partners estate, may utilize the unused Nil Rate Band allowance for Inheritance Tax from the estate of the Husband or Wife or Civil Partner who dies first. There is no tax on estates passing between Husband and Wife or Civil Partners but property passing to third parties (such as children) above the nil rate band is taxed at 40%.If no gift of any amount up to the Nil Rate Band allowance (£325,000) has been made to a third party (such as children) in the estate of the Husband or Wife or Civil Partner first to die, then the unused Nil Rate Band allowance on the estate of the first spouse to die can be claimed on the estate of the of the deceased surviving spouse. The joint Nil Rate Band allowance can be as much as £650,000 (reduced pro rata to the gifts made to third parties in the first will or otherwise) on the estate of the of the deceased surviving Husband or Wife or Civil Partner
These wills disposes of up to the nil rate band free of tax to trustees for the benefit of third parties (such as children) as an alternative to a Nil rate band transfer of allowance being claimed by the estate of the deceased surviving Husband or wife or Civil Partner. A potential saving of Inheritance Tax on the death of the surviving Husband or Wife, or Civil Partners, of up to 130,000.00 on joint estates of a Husband and Wife, or Civil Partners is available as an alternative using these wills but control is kept on the assets put into the Nil Rate Band Trust by the Trustees
If there is sufficient money available without depriving the husband/ wife or civil partner, then the children or grandchildren can be preferred so as to remove the nil rate band value of assets from the joint estates of the husband and wife/civil Partners to effect a full saving for Inheritance Tax purposes under these wills or if advanced to the husband or wife/ civil partner an IOU obtained from them for the benefit of the Trustees of the Nil Rate Band Beneficiaries such as the children/grandchildren.
There is also a gift of the rest of your property to your executors to sell pay your debts and testamentary expenses and divide and pay the income to the surviving Husband or Wife or Civil Partner for life and capital to children remoter issue or others with power to advance capital during the life of the Husband or Wife/ Civil Partner all residuary beneficiaries. These advancements are potentially exempt for Inheritance Tax purposesallowing the possible further saving of Inheritance Tax.
Action to be taken on completing the wills
Property held in joint names of Husband or Wife, or Civil Partner,such as the home, must have the joint tenancy severed. This is done by the jointtenants signing the form with the will and if the home is registered at the LandRegistry, filing the form (notice of severance) at the Land Registry. If the home is notregistered then the notice of severance must be attached to the conveyance or assurance to the Husband and Wife, or Civil Partners.
If you are married, or registered civil partners you may be able to reduce the amount of Inheritance Tax payableby as much as 130,000.00 on your joint estates by the above wills.
If you feel that this is the right will for you and you are married, click here to begin.
Click here for pricing details of these wills.
Making your online will with us is easy. Simply select the type of Will you require below:
| Single Persons Will | Married Persons Mirror form Wills | Married Persons Discretionary Trust Wills |
|---|---|---|
|
[more] |
mirror form wills with joint estates not exceeding £650,000 [more] Click below to start |
discretionary trust form wills with joint estates exceeding £650,000 [more] Click below to start |
